electronic funds transfer

Definitions

Accounting

noun the system used by banking organisations for the movement of funds between accounts and for the provision of services to the customer.

Electronics

The transfer of money from one account to another, via electronic means such as computer networks. Such transactions should be secure and instantaneous, and usually occur automatically. Examples include electronic transfers between banks, and online payments of bills. Its abbreviation is EFT.

Information & Library Science

noun the use of computers to transfer money to and from banks.

Travel

noun a system for transferring money from one account to another electronically, as when using a smart card.